PPP Loan Data — Sonnenberg Excavating, LLC, Vergas, MN
Sonnenberg Excavating, LLC is a limited liability company (LLC) located at 48990 County Highway 17 in Vergas, Minnesota that received a Coronavirus-related PPP loan from the SBA of $46,700.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Sonnenberg Excavating, LLC in Vergas, MN received a Paycheck Protection Loan of $46,700 through Midwest Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in January, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Sonnenberg Excavating, LLC's 2019 payroll expenses are estimated to be at least $224,160.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,832 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sonnenberg Excavating, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,700
Business Information - Sonnenberg Excavating, LLC in Vergas, MN
48990 County Highway 17
Vergas, MN 56587
Site Preparation Contractors
NAICS code 238910
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Vergas
In the Vergas area, 6 businesses in the "Site Preparation Contractors" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 5) and received an average PPP loan of $38,289 (compared to this company's $46,700).
Similar Nearby Businesses Who Received PPP Funding:
Mabuhay Of Vergas Minnesota Inc
Outdoor Renovations Landscape & Nursery Inc
Industry PPP Comparison Statistics
Nationwide, 30,927 businesses in the "Site Preparation Contractors" industry received a total of $4.31B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 12 employees, 140% higher than Sonnenberg Excavating, LLC's reported 5 employees, and received an average PPP loan of $139,293, 198% higher than this company's loan of $46,700.
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Footnotes & Information
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